RICHMOND, VA – McCann Realty Partners and its joint venture partner, LEM Capital L.P., announced the acquisition of Courthouse Green Townhomes, a 266-home community in Chesterfield, VA within the Richmond MSA. Built between 1972 and 1974, the townhome-style apartment community offers spacious direct-entry townhome floorplans and high-quality amenities, including a swimming pool, fitness center, playground, and picnic facilities, all situated in a low-density setting on over 21 acres. Located at 6417 Statute St., Courthouse Green is located in close proximity to Route 10 / Ironbridge Road. The completion of Route 288 has helped drive population and commercial growth in this part of Chesterfield County. The property benefits from its proximity to the Chesterfield County government offices and fantastic connectivity to major employment hubs throughout the MSA. The property will be managed by Atlanta-based Pegasus Residential.
The joint venture will invest capital to upgrade the exterior finishes, interiors, and amenities. Unit upgrades will include new appliances, washer and dryer installation, flooring upgrades and granite countertops in select units. Amenities should be enhanced through the renovation of the clubhouse and fitness center and the addition of outdoor entertainment and seating areas featuring grilling stations.
“Our team is ready to get started,” said Thomas Upson, Managing Director at McCann. “The residents of Courthouse Green should benefit from the amenity enhancements and other improvements that we make at the property.”
“We are excited to buy another asset in the Richmond market,” said Matt Akin, President of McCann. “Courthouse Green fits our value-add strategy to significantly improve the overall positioning of the property and enhance the living experience of our residents. We are pleased to work with LEM again on this transaction and look forward to continuing our partnership with them.”

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WILMINGTON, NC – DF Multifamily, a division of Drucker + Falk (DF), one of the nation s most prominent multifamily management companies, recently assumed the leasing and management of Pier 33, new waterfront apartment homes sitting on five acres along Wilmington s Cape Dread River. Pier 33 construction is well underway. Pre-leasing has already begun and the community expects its first residents in late 2020.
Pier 33 consists of 286 apartments, 20,000 square feet of commercial space, and a parking garage with 525 spaces. This is a $60 million project developed by Raleigh, North Carolina-based Dewitt Carolinas, Inc., a real estate development company with 25 years of experience in building large scale residential and commercial properties. Over the last 40 years, DeWitt Carolinas has developed more than 2,500 multifamily units throughout the Carolinas and has a longstanding history of excellence and impressive client relationships.
A six-tale institutional grade steel and concrete building with extensive interior and exterior amenities and direct access to the Riverwalk, Northern Riverfront Marina, and Wilmington s future North Waterfront Park, Pier 33 boasts luxurious living in an unmatched location. Positioned right on the waterfront in downtown Wilmington and overlooking the Port City Marina, this community offers a resort lifestyle with high-end amenities including two outdoor courtyards, a saltwater pool, a gaming lawn, outdoor grilling stations, a 24-hour fitness center and yoga room, conference and networking room, clubroom, business center, dog washing station, reserved parking, gourmet coffee bar, and more.
The apartment community brings a new height of living to Wilmington. Its Class A finishes surround residents with sophisticated, distinctive style and include studio, one, two, and three-bedroom floor plans. Premium finishes, spacious balconies, chef-inspired kitchens, custom cabinetry, quartz countertops, contemporary lighting and fixtures, and more make up each apartment home and certain units boast breathtaking views and expansive floor-to-ceiling windows.
We are excited about the opportunity to lease and manage the meticulously designed, luxurious waterfront project that is Pier 33. This project will be a wonderful opportunity for the people of Wilmington – whether they are a year-round resident or vacationers looking for the perfect waterfront home in North Carolina. Our team looks forward to continuing to work with Dewitt and advancing our partnership, said Kellie Falk, Managing Director for Drucker + Falk. Todd Saieed, Dewitt Carolinas CEO, went on to add, We know well the professionalism that Drucker + Falk brings to any project having partnered with them on numerous developments over the past 25 years. Their insight into Wilmington s growth and lifestyle trends is invaluable as we establish this premiere luxury community.

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JACKSONVILLE, FL – PIA Residential of Miami and BH Equities of Des Moines, Iowa have bought St. John s Pointe Apartments, a 284-unit rental community in the city s Orange Park submarket for $33.4 million from WRH Realty Services of Tampa.
The one and two-level garden style apartment complex is located at 114 Ancient Orange Park Road, 20 minutes from downtown Jacksonville. PIA Residential says it will invest more than $3 million in capital improvements to the units and community amenities.
We ve been looking at multifamily properties in Jacksonville for the last two years and are still continuing our search in well-established neighborhoods where there is not a lot of room for new construction that will prevent competition from coming in, says Saul Levy, Managing Partner in charge of Acquisitions.
Built between 1968 and 1974, St. John s Pointe represents a tremendous value-add investment opportunity within the Orange Park submarket of Jacksonville, he notes. With numerous community amenities and a multitude of well-designed floor plans, St. John s Pointe is well positioned for interior renovations. The prior ownership has partially renovated 16% of the units with 84% of the units having mostly original interiors. There is an opportunity to bring all 284 units to a similar level that is comparable to the properties in the surrounding area.
According to Levy, the apartments have been well maintained by the seller, WRH Realty. Select units have stainless steel kitchen appliances, plank flooring, upgraded lighting fixtures and countertops, washer-dryer connections. Other units will be similarly upgraded. All apartments have deep walk-in closets.
Levy notes that the rental community is less than 10 minutes away from the Naval Air Station (NAS) which has 25,000 jobs, Orange Park Medical Center with 1,600 jobs and Orange Park Mall, home to over 120 shops including top-retailers like Belk, Dillard s, Dick s Sporting Goods, and Ancient Navy.
This is the first time PIA and BH have joined forces in a deal. BH Management Services will provide property management services to the property. We have loved a productive relation with BH, adds Levy. BH brings years of experience and a top notch reputation to the partnership. We bring a seasoned team and deep relations with family offices which provided the capital. We are looking forward to building our relationship.
Danny Kattan, Managing Partner in charge of Capital Markets clarifies, our investor base was very excited to participate in this acquisition despite general concerns about the effects of COVID and the elections. Our track record of providing most of the return from cashflow and not necessarily from future appreciation has made a following of investors that is very comfortable with our conservative underwriting.
As the political environment in various Latin American countries has deteriorated, Latin American investors are seeking real estate investments in the U.S. as a safe harbor for their money, adds Kattan. Over the last 2 years the number of our Latin American investors has tripled, we are on course to buy 1,000 units in 2021.
Erik Bjornson, Senior Managing Director for the Jacksonville Beach office of Newmark, Knight Frank, the brokerage firm representing WRH Realty, says the main appeals of the property are the value add upside, Orange Park s fine school system in Clay County, and the large apartments. Plus, the design and layout of St. John s has stood the test of time.

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